Your Daily Dose of Financial News

Robins Kaplan LLP

Here’s all you need to know from the Fed minutes released yesterday, including next month’s rate increase, an apparent plan to continue rate hikes at their gradual pace (unless White House trade policies “scramble their plans”), and a wait-and-see approach to the growing list of tariffs – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

The minutes only helped put further focus on the Fed’s upcoming annual Jackson Hole symposium – WSJ

Some thoughts on the S&P’s historic (if unenthusiastically marked) 3453-day bull run – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

Another round of tariffs—a $16 billion tit-for-tat—between the U.S. and China officially kicked in at midnight.  China has promised to lodge a WTO complaint against the US for its actions – Bloomberg

On Wednesday, Massachusetts federal judge F. Dennis Saylor dismissed a putative class action led by the liquidation trustee for F. Squared Investment Mgmt’s bankruptcy estate that claimed the SEC wrongly claimed more than $15 billion in unlawful disgorgements. Judge Saylor found that the Supreme Court’s 2017 Kokesh decision did not bar the SEC from collecting those penalties – Law360

Operations Clearing Corp.—the nation’s lone options clearinghouse, which acts as “a guarantor for every trade in the U.S. listed options market”—and its CEO Craig Donohue is finding itself in the midst of a “fierce battle” with options traders who “oppose his plan to boost income” for shareholders while “trimming returns to traders” – WSJ

The SEC has rejected a new spate of 9 proposed bitcoin ETFs, expressing concerns about “fraud and manipulation” while clarifying that it has no problem (in theory) with cryptos or blockchain – Law360 and Bloomberg and WSJ

With its IPO plans firmly up in the air, Saudi Aramco is shifting focus to “buying a strategic stake” in Sabic, a chemical giant – Bloomberg and NYTimes

A group of investors has reached a settlement with Citigroup for nearly $10 million to resolve allegations that the bank joined more than a dozen others between 2007 and 2013 in rigging forex markets – Law360

Buyout behemoth KKR is in talks to acquire Fiat Chrysler’s global auto parts business (Magneti Marelli), currently valued between $3.7 and 6 billion – WSJ

A new book from Louis Hyman reviewed in the Times looks at the seismic cultural shift in the American labor landscape that helped enable today’s gig economy – NYTimes

You can almost smell the cheese curds and Sweet Martha’s cookies from your desk, can’t you? That’s right. The Great Minnesota Get Together kicks off its 12-day run today. Love it all – @AirVuz

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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